Recurring Deposit Interest Rates & Charges

Important Information

TDS will be deducted when interest payable or reinvested on RD and FD per customer across all branches, exceed Rs.10000 in a financial year

The interest on Recurring Deposits will be calculated by the bank in accordance with the directions advised by the Indian Banks' Association.

The interest rates for recurring deposits will be the same as the rate applicable for a simple Fixed Deposit.

The interest on Deposits is compounded quarterly, at the applicable rates.

Payment of Installment

The installment amount once fixed cannot be altered at any later date.

If more than one installment is overdue at the time of payment, the paid installment, if sufficient to cover only that one installment will be appropriated towards the first or earliest installment overdue.

Partial payment of installments will not be permitted.

Lock in Period

The Recurring Deposit account has a minimum lock-in period of one month.

In the case of premature closure within a month, no interest shall be paid to the depositor and only his principal amount shall be returned.

Maturity

Interest is paid only on maturity.

The Deposit shall be due for repayment and shall mature on completion of the contracted tenure, even if there are installments still to be paid.

The maturity amount mentioned on the Recurring deposit confirmation advice is subject to the payment of all installments on time

In case of any delay in the payment of scheduled installments, the maturity amount shall change

Overdue Installments

If frequent defaults (non-payments) are observed in monthly installments, and six installments fall in arrears, the Bank reserves the right to close the RD account. The interest rate applicable on such closed accounts will be as per the premature withdrawal policy of the Bank.

Nomination Facility through NetBanking

You can now make a nomination while booking Recurring deposits through NetBanking.

If you are booking a Recurring Deposit on NetBanking on a single name, then you can either select the nomination made in the base Savings account or add a new nominee.

If you are booking a Recurring Deposit on NetBanking in a Joint name, then you can only select the nomination made in the base Savings account. In a joint holding Recurring Deposit, if you wish to add a new nominee, then you will need to visit the branch.

For existing single holding Recurring Deposits, Customers can add a new nominee or modify a nominee through NetBanking instantly.

For existing joint holding Recurring Deposits, Customers can download the filled Nomination form from NetBanking, take signatures from all holders, and submit it at nearest HDFC bank branch, for updating in our systems.

Have questions?

Can partial Payments be made on Recurring Deposits?

Partial payments are not possible.

How can I prematurely liquidate my recurring deposit?

If you wish to prematurely liquidate your Recurring Deposit. We request you to submit your Recurring Deposit advice or written instruction, duly signed by all account holders, at the branch for premature liquidation of your Recurring deposit.

Alternatively, you can liquidate your Recurring Deposits through NetBanking. This facility will be available for Recurring Deposit held under "Sole Owner (SOW)" relationship only and which are booked from Singly Owned Savings or Current Accounts.

Following are the steps for liquidating your Recurring Deposit online: